India one of the most open economies, says Modi |
Pitching for foreign investments, India`s Prime Minister Narendra Modi said India is one of the most open economies in the world and is ready to do business with the world. Speaking at the India-Korea Business Summit, he said his government has worked towards creating a stable business environment and removed arbitrariness in decision-making. India seeks positivity in day-to-day transactions. She is widening areas of trust rather than digging into doubts. This represents a complete change of the government`s mindset, he said. India, he said, is already the third-largest economy in terms of purchasing power. Very soon, she will become the world`s fifth-largest economy by nominal GDP. India is e also the fastest-growing major economy of the world today, he said. Besides, India is also a country with the one of the largest start-up eco-system. Stating that the government is on a de-regulation and de-licensing drive, Mr. Modi said validity period of industrial licences has been increased from three years to fifteen years and more. India has three notables -democracy, demography and demand. To the Korean businessmen, he said India is now ready for business and promised to do whatever is required to “promote and protect” their investment.
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